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Honoring Our Past . . . Embracing Our Future Last year — in 2003 — Aetna, a Fortune 100 company continuously operating since 1853, marked a milestone few companies ever achieve — its 150th anniversary. From a small office in downtown Hartford, Conn., to a multinational financial services company, to one of the country’s premier providers of health care and related benefits, Aetna’s history has been one of change and innovation.
And at no time during its history has change been more evident than during the company’s last half decade. In 1999, the company recognized a need to refresh its business strategy and operations to retain a premier industry position. We were ready to take on that challenge.
2000 — Entering a New Era
With a solid history of achievement as our foundation, we began to build the “new Aetna” and entered an exciting and challenging new era. Beginning in 1999, the company put a plan in place to sell its global health and financial services businesses. Once final in 2000, the sale allowed Aetna to turn its full attention to building the premier employee benefits company in the industry.
For Aetna, 2000 was a year of major change by every measure.
Instrumental to Aetna’s transformation were the efforts of outgoing Chairman William H. Donaldson and his successor John W. Rowe, M.D., who joined Aetna as president and chief executive office in September of that year.
Under their guidance, Aetna began to build a new business model, repair relations with key constituencies and implement a strategic plan for the “new Aetna.” Our goal: to be responsive to market needs, forge new partnerships and eliminate our members’ barriers to the best of today’s medicine.
To achieve this objective, we instituted a philosophy that puts the member at the center of everything we do. We focused intensively on customer service, placing renewed emphasis on “first claim resolution” – doing right by our members the first time, every time.
In addition, Aetna rolled out new, more responsive products, including i.Choose Aetna™ life insurance and a new open access health plan featuring Aetna Navigator™, Aetna’s member and consumer self-service website that provides a single source for online health and benefits information 24 hours a day, seven days a week. Finally, to provide our members greater access to care, we significantly expanded our medical, dental and pharmacy networks. The result – an opportunity to meaningfully improve the health care experience for our members.
By the end of the year, Aetna had redefined itself as an independent health and group benefits company, well on its way to restoring industry leadership in terms of service, reputation and profitability. But still, there was more to do.
2001 — On Course for Success
While engaged in an aggressive but disciplined turnaround, Aetna began to look ahead, formulating a new strategic direction that would leverage our existing strengths, target specific product market segments and align us with where the market was headed. Already, Aetna offered a wide variety of health plans and robust ancillary products such as dental and pharmacy plans. And, unlike many health competitors, we offered a range of long-term care, disability and life insurance products. Armed with this wide array of offerings, Aetna was positioned to respond to consumer demands for more innovative products. Products such as Aetna HealthFund™, launched in 2001 to give members greater control over spending of their health care dollars, demonstrated a renewed ability to anticipate and respond to consumer demands for greater flexibility and control over health care decisions and spending.
2002 — Aetna at the Forefront
Our efforts to build the new Aetna began to show returns. And as we continued to strengthen our ability to provide what our constituents really want — more choices, more control over their health care, and efficient claims payment and clear information — Aetna maintained a steady focus on driving the industry forward.
In 2002 alone, for example, Aetna collaborated with the CDC to help educate physicians and consumers about appropriate use of antibiotics. And, when Aetna Chairman and Chief Executive Officer John W. Rowe, M.D., recommended that the health insurance industry support legislation and consider adopting genetic testing guidelines, our company became the first national health care company to advocate both new laws and new industry protocols that address this rapidly evolving field while respecting patient privacy.
2003 — An Aetna Milestone
In 2003, Aetna commemorated its 150th anniversary.
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